Barclays analyst Paul Cheng wrote in a recent note that Brazil's national oil company is among "the best positioned to benefit from any oil price recovery over the next several years," in part because of the massive oil discoveries made off the coast of Brazil. The Tupi field, for example, was the largest discovery of the past 20 years.
The company beat earnings expectations in its most recent quarter, and analysts say it could grow earnings by an average of 20% over the next five years.
--K.B.
